What businesses do > what businesses say 🙊

Plus a charted review of the macro crosscurrents 🔀

Stocks rallied, with the S&P 500 climbing 2.5% last week. The index is now up 13.8% from its October 12 closing low of 3,577.03 and down 15.1% from its January 3, 2022 closing high of 4,796.56.

While the U.S. economy has been cooling off for months, the hard economic data shows growth has been pretty resilient. On Thursday, we learned GDP in Q4 rose at a…